Peter Luukko

Paul Holmgren was walking down the street in his home state of Minnesota on Dec. 2, his birthday, when his cellphone rang.

After more than 25 years at Comcast-Spectacor, president and chief operating officer Peter Luukko has stepped down. The move was announced in a press release Monday afternoon. The company, which owns the Flyers, bought out Luukko’s interest in the company so he could “pursue other entrepreneurial activities...